Stressed Assets ratio has decreased to 2.55% from 3.21% Y-o-Y
FinTech BizNews Service
Mumbai, August 2, 2024: The Board of Directors of Tamilnad Mercantile Bank Ltd approved the Unaudited Financial Results of the Quarter Ended June 30,2024 in their meeting held at Thoothukudi on 02.08.2024. Shri. C. Chiranjeeviraj, Independent Director, who is authorized by the Board, declared the results and the Bank issued this press release. TMB having pan India presence with 565 branches and 12 Regional Offices across 17 states and 4 Union Territories serves more than 5 million delighted customers.
The Bank continues to exhibit strong performance on all fundamental parameters.
Bank’s Performance Highlights
Ø Operating Profit has increased to Rs469 crore from Rs380 crore Y-o-Y
Ø Net profit has surged to Rs287 crore from Rs261 crore Y-o-Y
Ø The NIM has increased to 4.12% from 4.00% Y-o-Y
Ø Interest income has improved to Rs1,281 crore from Rs1,156 crore Y-o-Y
Ø Non Interest Income has improved to Rs234 crore from Rs167 crore Y-o-Y
Ø Total income has moved to Rs1,515 crore from Rs1,323 crore Y-o-Y
Ø The CRAR% has increased to 29.21% from 26.57% Y-o-Y
Ø Book Value of Share has increased to Rs520 from Rs454 Y-o-Y
Ø Total Business has increased to Rs90,041 crore from Rs84,300 crore Y-o-Y
Ø CASA has increased to Rs13,789 crore from Rs13,101 crore Y-o-Y
Ø The RAM segment has increased to 92% from 90% Y-o-Y
Ø Total SMA to Gross Advances has reduced to 4.98% from 7.16% Y-o-Y
Ø Stressed Assets ratio has decreased to 2.55% from 3.21% Y-o-Y
Parameters | June 2023 (Q1) | June 2024 (Q1) | Growth – YoY % | ||||
CASA | 13,101 | 13,789 | 5.25% | ||||
Total Deposits | 47,008 | 49,188 | 4.64% | ||||
Total Advances | 37,292 | 40,853 | 9.55% | ||||
Total Business | 84,300 | 90,041 | 6.81% | ||||
Retail, Agri & MSME (RAM) | 33,574 | 37,614 | 12.03% | ||||
Networth | 7,190 | 8,244 | 14.66% | ||||
Book Value (Rs) | 454 | 520 | 14.54% | ||||
Gross NPA | 1.56% | 1.44% | -12 Bps | ||||
Net NPA | 0.66% | 0.65% | -1 Bps | ||||
ROA (Annualised) | 1.85% | 1.88% | 3 Bps | ||||
ROE (Annualised) | 14.80% | 14.22% | -58 Bps | ||||
EPS (Rs) (Not Annualised) | 16.50 | 18.14 | 9.94% | ||||
CRAR | 26.57% | 29.21% | 264 Bps |
Q-O-Q Performance:
Ø The Bank’s deposits has increased to Rs49,188 crores (PY Rs47,008 crores)
Ø The advance level of the Bank has increased to Rs40,853 crores with a growth rate of 10% as YOY basis.
Ø The Net Profit is at Rs287 crores for the quarter Q1FY25 as against Rs261 crores for Q1FY24 registering the growth rate of 10% as YOY basis.
Ø The Net Interest Income is at Rs567 Crores for the quarter Q1FY25 as against Rs514 for Q1FY24 registering a growth rate of 10%.
Ø Return on Asset at 1.88% & Return on Equity at 14.22% for the reporting quarter. (Q1 FY 24 1.85% and 14.80% respectively)
Ø The Bank’s Net worth increased to Rs 8,244 crores (PY Rs7,190 crores) with an absolute rise of Rs1054 crores registering a growth rate of 15%.
New initiatives
· The Bank has opened 10 New Branches (6 Branches in Tamilnadu and 4 Branches in Other States) during the Q1FY25.
· The Bank has Launched an Online Customer Portal for Foreign Exchange Operations facilities to customers.
· The Bank has Launched “TMB Apartment Savings Bank Account” for High-Net-Worth individuals residing in apartment / housing society / gated community.
· The Bank has launched Online Demat Account opening platform for customers.
